GE agrees to sell Australia, NZ finance units to Bain Capital affiliate

Mon, 09 Nov 2015

By Tina Morrison Nov. 10 (BusinessDesk) - General Electric has agreed to sell its Australia and New Zealand finance businesses to Sankaty Advisors, an affiliate of Bain Capital, as part of a plan to reduce its financial assets and focus on manufacturing. The sale of GE Capital's commercial lending and leasing portfolios in Australia and New Zealand includes about US$1.7 billion in 'ending net investment', which is a balance-sheet gauge that excludes non-interest-bearing liabilities and cash, the company said in a statement. The transactio...

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